Deputy Prime Minister Hoang Trung Hai has hailed the chemical sector for its strong performance and important role in national socio-economic development, with an annual contribution of 8-10 percent to the country’s total industrial production value.

Speaking at a conference to review the operation of the Vietnam National Chemical Group (Vinachem) held in Hanoi on January 11, Deputy PM Hai said the Party and State consider the sector a key industry and pay much attention to it’s development and efficiency.

However, he also pointed out that despite its best efforts, the sector is yet to meet all of the country’s requirements. Therefore, more effective operations with a stronger organisational framework are needed to meet the demand of other industries and civil use. Technological renovation is also crucial, he said.

Hai particularly lauded the group’s fine outcomes in fertilizer production. So far, Vinachem has met 70 percent of domestic need for fertilizers and shipped abroad a number of products such as urea.

According to Vinachem Director General Nguyen Dinh Khang, in 2014 the group is targeting 48 trillion VND in production value, up 12.5 percent year on year, with revenue of over 44 trillion VND, a rise of 0.2 percent over the previous year.

In 2013, Vinachem’s import-export value reached 559 million USD, down 11.1 percent against 2012’s figure, including 237 million USD of export value, a decrease of 3.8 percent. The group’s yearly profit was at 2.73 trillion VND, while its budget contribution rose 13.9 percent at 2.5 trillion VND.

The group has also offered employment to 27,000 labourers who earn 7.5 million VND on average every month.

Vinachem’s main products include fertilizers, pesticides, household chemicals detergents and rubber products.-VNA